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01 Oct 2004
Singapore has made its mark as an ideal location for companies and entrepreneurs to expand their business and international operations, as demonstrated in the successful staging of Global Entreprepolis @ Singapore (GES) 2004.
Said Economic Development Board Chairman Teo Ming Kian of the GES event, held from 11 - 15 October: "I am happy to inform that we have achieved our aim of making it an international marketplace bringing together a diversity of innovation, technology, funds and partners." |
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GES is an annual networking event which serves as a marketplace to provide different enterprises a unique opportunity for crafting deals, raising funds, exchanging and creating ideas as well as forging new partnerships and enterprises
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GES is an annual networking event which serves as a marketplace to provide different enterprises a unique opportunity for crafting deals, raising funds, exchanging and creating ideas as well as forging new partnerships and enterprises. A mega-exhibition showcased the latest in technology and innovation and through the many business networking events and official functions, delegates from the various conferences interacted with one another.
MORE PARTICIPANTS FROM MORE COUNTRIES
GES 2004 attracted more participants this year - 12,000 participants from over 40 countries, where more than 160 exhibitors showcased their latest innovations and technologies. With a stronger line-up of 29 conferences, including new additions such as the World Nano-Economic Congress Singapore, the Marine Aquaculture Conference 2004, NetWorld+Interop Singapore 2004 and the Biometric Forum, the event drew more than 3,000 foreign delegates and visitors. More importantly, GES 2004 saw strong support from India, China and ASEAN countries. The event also attracted participants from Poland, Russia, Spain, Saudi Arabia and the United Arab Emirates.
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POSITIVE ECONOMIC IMPACT
Over S$500 million worth of funds, investment and deals were announced at GES 2004. Some 17 projects, partnerships and companies announced their commitment to start operations and businesses in Singapore.
"It is clear that companies and entrepreneurs have found in Singapore an ideal location to expand their business and international operations. The buzz from the many networking activities held this past week was clearly palpable. These exchanges underscore what GES had set out to achieve, that is to create opportunities for companies small and large, new and established, local and overseas to network, expand and grow," said Teo.
He was confident that GES 2004 would have a positive spin-off impact on businesses in Singapore and the region. It was also expected to help open up more opportunities for greater economic activities for Singapore-based companies.
Added Teo: "GES is more than just an event. Singapore is today a 'Global Entrepolis'. We are a bridge to China and India, and also a 'green lane' to Western markets with our network of Free Trade Agreements, a staging post on the modern day Silk Road."
Said Gary Fung, Managing Director of Zenith Events Corporation, which organised GES 2004: "The response has exceeded our expectations. Feedback from participants has been extremely positive. With stronger networking events and a greater line-up of conferences, many participants found valuable opportunities to pitch their business plans, network and seek new partners."
"I am confident that through such facilities as the Business Matching Portal, companies will be able to pursue and connect with the many contacts developed here even long after the GES has ended," added Stephen Lee, Chairman of the Singapore Business Federation and joint presenter of GES 2004.
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Prime Minister (PM) Lee Hsien Loong
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PM LEE: FOSTERING AN ENTREPRENEURIAL CULTURE
In his opening address, Prime Minister (PM) Lee Hsien Loong said that governments can create the conditions for optimal business growth, but the vital ingredient that drives industries is the entrepreneurial spirit.
He said Singapore's efforts at promoting entrepreneurship comprised four key thrusts - enlarging the market, improving access to capital, attracting entrepreneurial talent and moulding the young.
Noting that the government's strategy had paid off, PM Lee said: "Our efforts have helped develop the venture capital industry, as well as promote start-ups in Singapore. Today, more than 150 venture capitalist firms manage about $16 billion worth of venture capital funds out of Singapore."
The next step, said PM Lee, would be to develop an entrepreneurial culture in Singapore. But this would be an uphill task.
"An entrepreneurial culture cannot simply be planned and ordered into being. It has to do with the attitudes and mindsets. Our people need to have fire in their bellies."
PM Lee said the entrepreneurial spirit must be cultivated in the young, adding that "they should grow up seriously considering entrepreneurship as a career choice and see it as an exciting and rewarding challenge, instead of thinking only of careers in the professions, multinational corporations or the government."
He hoped that young Singaporeans would one day be able "to overcome any fear of failure and have the adversity quotient to learn from mistakes and failures, pick themselves up in hard times and try again."
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This year's Enterprise Exchange, a showcase for innovation and technology, saw overwhelming response to its networking events HOTPitch and HOTDate
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SINGAPORE MUST CONTINUE TO BE SPECIAL
At a dialogue with delegates, Minister Mentor (MM) Lee Kuan Yew said that Singapore needed to remain special to remain in business, adding that Singapore's specialities included its education system and its ability to attract foreign talent.
He said Singapore is "the education centre of the region" and that its English proficiency led to Singapore's edge over its neighbours. As a result, he observed, "All those who sought education came here. They came from Thailand, Indonesia, they learnt English here. And many stayed behind."
Commenting on the issue of foreign talent, MM Lee said: "We must make sure [Singaporeans] continue to understand that this inflow of talent - yes, it creates competition for jobs, for your children, but in the end it creates more jobs than you otherwise would have."
He advised Singaporeans to be better team players where they needed, to not just compete against each other, but against the world.
Flexibility is the key to success, MM Lee said, pointing out that the transformation seen in Singapore was the result of the country's willingness to embrace changes.
For more information on GES 2004, please visit: www.globalentrepolis.com
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Highlights Of Deals And Alliances
- WinEdge & Wireless's US$2 million deal to provide microprocessor chips to toy maker Hasbro in 2005.
- Collaboration between the Singapore Business Federation (SBF) and the All-Russian Public Organisation of Small and Medium Businesses (OPORA) to create more business opportunities for their members.
- DLM Digital Studios, Kavithalayaa, set up its regional headquarters in Singapore, the first Indian film company to do so.
- Cientifica, world-renowned nanotechnology information and consultancy, will set up office in Singapore for locally-based companies to gain access to the latest information on nanotechnology.
Hot Numbers
- 12,000 participants from over 40 countries
- 160 exhibitors
- 3,000 foreign delegates
- Over $500 million worth of funds, investment and deals sealed
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Captains Of Industry Conference: Value Innovation
Businesses should strive to provide irresistible products and total solutions.
This is the basis of ''value innovation'', a new business strategy introduced by Professors W. Chan Kim and Renée Mauborgne from INSEAD at the Captains of Industry Conference on 12 October 2004.
The keynote speakers spent five years studying more than 30 companies around the world. In the course of their research, they compared successful companies with less successful organisations, and discovered that organisations lagged behind when they tried to stay ahead of the competition.
In contrast, they found that high-growth companies paid little attention to competition and market segmentation, and instead focused on creating an irresistible product that would provide a total solution for customers. Furthermore, they did not allow themselves to be hemmed in by industry conditions and tended to adopt a clean-slate approach by constantly starting anew. In return, these companies saw reduced costs and high revenue and profits.
Virgin Atlantic was cited as an example of a consistent value innovator. In one of its landmark achievements, Virgin Atlantic challenged airline industry conventions by eliminating first-class service and channelling the savings into innovations for business-class passengers.
The speakers suggested that senior executives could promote value innovation by identifying their company's primary strategy and challenging it.
In rounding up their speeches, the speakers reiterated that revenue, profitability, market share, and customer satisfaction were merely measures of a company's current position. In order to achieve market domination, companies would have to become value innovators.
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Enterprise Exchange: Hot News
This year's Enterprise Exchange, a showcase for innovation and technology, saw overwhelming response to its networking events HOTPitch and HOTDate.
The ''HOT'' theme reflected Singapore's goal to become a ''Hub of Technopreneurs''. HOTPitch provided a platform for start-ups to present their business plans to local and international venture capitalists and angel investors, while HOTDate comprised a series of seven-minute ''speed dates'' between technology sellers and technology buyers.
A total of 67 companies took part in the HOTPitch sessions, which was an increase from the 40 participants in last year's GES. About 150 venture capitalists and angel investors were present at each session.
At HOTDate, it was estimated that 40 per cent of the ''dates'' led to follow-up meetings or deals.
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Thumbs Up For GES 2004
''GES is a significant platform for us to highlight our products. The audience and participant mix of the GES is in line with our target market.''
Mr Masakazu Naito, Director Group General Manager (Corporate Affairs), Hitachi Asia
''This is the second time I am here, and it keeps getting better. It is highly focused this year and we are meeting the people we want to deal with.''
Mr Loudon Owen, Managing Partner, McLean Watson, a Canadian venture capital firm
''The GES is a great place to make deals with people from all over the world. You can get more done in five days at GES than in half a year back home. GES is well worth the effort to come here.''
Ms Annette Black, Director, Aquasystems Ltd, a New Zealand company
''It's even better than last year. The GES' international mix of organisations, topics, and cultures is very good - it gives business people the holistic perspective.''
Dr Aloysius Tay, Executive Director, Association of Small and Medium Enterprises, Singapore
''What better way to meet potential business contacts from as many as 40 countries with diverse backgrounds, all under one roof. My job is to look for companies to bring to listing and IPO, and I found GES 2004 to be an excellent meeting ground for my purposes.''
Mr Charles Soh, Associate Director, UOB Kay Hian, Singapore
''For StarHub, GES is a good opportunity to meet with influential business people in order to learn and to understand what business expectations there are in the local and international markets.''
Dr Kaizad Heerjee, Head of Business Markets, StarHub Ltd, Singapore
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